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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill by Operating Segment

Goodwill — Goodwill by operating segment as of December 31, 2018 and 2017 and changes for the years then ended are as follows (in thousands):

 

 

 

Contract

 

 

Pressure

 

 

Directional

 

 

Other

 

 

 

 

 

 

 

Drilling

 

 

Pumping

 

 

Drilling

 

 

Operations

 

 

Total

 

Balance December 31, 2016

 

$

86,234

 

 

$

 

 

$

 

 

$

 

 

$

86,234

 

Goodwill acquired

 

 

308,826

 

 

 

121,444

 

 

 

88,685

 

 

 

6,284

 

 

 

525,239

 

Balance December 31, 2017

 

 

395,060

 

 

 

121,444

 

 

 

88,685

 

 

 

6,284

 

 

 

611,473

 

Goodwill acquired

 

 

 

 

 

 

 

 

 

 

 

9,412

 

 

 

9,412

 

Measurement period adjustment

 

 

 

 

 

 

 

 

1,000

 

 

 

 

 

 

1,000

 

Impairment

 

 

 

 

 

(121,444

)

 

 

(89,685

)

 

 

 

 

 

(211,129

)

Balance December 31, 2018

 

$

395,060

 

 

$

 

 

$

 

 

$

15,696

 

 

$

410,756

 

Summary of Segment and Weighted Average Useful Life of Intangible Assets The following table identifies the segment and weighted average useful life of each of the Company’s intangible assets:

 

 

 

 

Weighted Average

 

 

Segment

 

Useful Life

 

 

 

 

(in years)

Customer relationships

 

Directional drilling

 

3.00

Customer relationships

 

Other operations

 

7.00

Developed technology

 

Directional drilling

 

10.00

Favorable drilling contracts

 

Contract drilling

 

0.83

Internal use software

 

Directional drilling

 

5.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Carrying Amount and Accumulated Amortization of Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets as of December 31, 2018 and 2017 are as follows (in thousands):

 

 

 

2018

 

 

2017

 

 

 

Gross Carrying

 

 

Accumulated

 

 

Net Carrying

 

 

Gross Carrying

 

 

Accumulated

 

 

Net Carrying

 

 

 

Amount

 

 

Amortization

 

 

Amount

 

 

Amount

 

 

Amortization

 

 

Amount

 

Customer relationships

 

$

28,000

 

 

$

(10,719

)

 

$

17,281

 

 

$

26,200

 

 

$

(1,943

)

 

$

24,257

 

Developed technology

 

 

55,772

 

 

 

(6,533

)

 

 

49,239

 

 

 

48,000

 

 

 

(1,137

)

 

 

46,863

 

Favorable drilling contracts

 

 

22,500

 

 

 

(22,500

)

 

 

 

 

 

22,500

 

 

 

(18,482

)

 

 

4,018

 

Internal use software

 

 

482

 

 

 

(118

)

 

 

364

 

 

 

482

 

 

 

(21

)

 

 

461

 

 

 

$

106,754

 

 

$

(39,870

)

 

$

66,884

 

 

$

97,182

 

 

$

(21,583

)

 

$

75,599

 

 

Remaining Amortization Expense Associated with Finite-Lived Intangible Assets The remaining amortization expense associated with finite-lived intangible assets is expected to be as follows (in thousands):

Year ending December 31,

 

 

 

 

2019

 

$

14,664

 

2020

 

 

12,721

 

2021

 

 

5,931

 

2022

 

 

5,909

 

2023

 

 

5,834

 

Thereafter

 

 

21,825

 

Total

 

$

66,884